The City of Cuyahoga Falls has announced that a new loan program, funded by the American Rescue Plan Act, is available to qualifying businesses. The Community Improvement Corporation (CIC) of Cuyahoga Falls will administer the loans.
The program, offering loans of between $50,000 and $100,000, is designed to assist new and existing businesses undergoing expansion with gap financing of up to 30% of the total project cost. Payments are deferred for one year, followed by a 10-year term with a current interest rate of 3%.
Applications will be accepted quarterly, approved on a first come, first served basis, and continued until the annual funding of $500,0000 is exhausted each year. The first round of applications will be accepted through March 31, 2023. For more information about the loan program or to request an application, please contact Mary Spaugy via telephone at 330-971-8137 or via email at spaugy@cityofcf.com.
The CIC of Cuyahoga Falls is a not-for-profit corporation incorporated in 1970. The purpose of the CIC is to advance, encourage, and promote the industrial, commercial, civic, and economic development of the City of Cuyahoga Falls. In addition, the CIC provides financial assistance to projects in the City of Cuyahoga Falls that create jobs and improve the city's economic welfare.